Marlboro- 07746 FSBO

A single family detached newer younger house was listed in Marlboro ( 07746)
for 580000 back in September /October 2007 through an agent and the listing is expired. Now if we would like to the home owner has kept the house back in the market for sale by owner. What would be the appropriate price for the house now for a FSBO deal taking off the agent commisions and the falling housing prices.

Also, is ther any good website where we can checkthe marlet depreciation of house values and market conditions on a month to month basis.

Your advises on calculating the appropriate price would be much appreciated.

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Answers

Well we know one thing. It isn't worth $580,000. And since the listing expired, it's probably not worth $550,000. So now it's FSBO, so the seller (who was probably willing to take $565,000 and net $540,000 after paying a commission) should be happy to get $540,000 now. So I'd offer $510,000, presuming market conditions have not deteriorated, with a goal of paying $535,000 after negotiations. This is all inexact since I haven't seen the house. It could be worth $475,000 for all I know. But this shows the thought process. If they are listed at the same price FSBO as they were when represented by an agent, there's no way I'm offering anything close to the $580,000. The commission has to come off, AND further dollars have to come off to account for the fact that it did not sell at $580,000, or even $560,000.

-Marc

NEW: Search for homes on my site, save your favorites, automatically get full listing sheets e-mailed WITH addresses and prices, WITHOUT having to request or call. Go to http://www.marcpaolella.com and click on "Searchforhomes!"

I think I know exactly which house are you talking about, If I'm correct it is not the price of the home that is not right it is the taxes. The Taxes seem to be very high and that could be a reason the house hasnt sold.
Please call me at 908-770-599 to discuss further

It is not always true that you will find the best deal from a Fsbo, most of the time FSBO's are not motivated sellers and thus they are not listed on the market actively, they are priced unrealistic. unless you are absolutely in love with that house then i would recomend you shop arround and look for a motivated seller who is ready to let go of their house. Commission is not something that will stop you from geting a good deal, infact the best deals and motivated owners offer the best price and the most commission.
Usually A FSBO is not trying to save the buyer a commission they are trying to net the most money by not paying the commission. So if you absolutely want and love that house then just go for it and if you are concerned about the price and want a good deal, feel free to call me or your prefred agent and shop for a nice home that is worth the money.

Have an appraisal done. I think everyone here is shooting from the hip with this one without seeing the property. I mean maybe the home showed poorly, maybe it was hard to show. Did you see it when it was listed? What do you think it's worth is the question. WHAT'S IT WORTH TO YOU? Are you flipping it?

I would need the address of the home so I could compare comps for the area. It is impossible to know if it was or is now priced at fair market value. If you need additional help please feel free to contact me.

The previous asking price has little to nothing to do with market value. Generally speaking, if a home is marketed properly and does not sell in 3-6 months, the price is too high. There are exceptions to the rule.

Tracking market depreciation on a monthly basis in a small market very difficult as the samples are limited. There are sources that can provide information on what homes sold for, but ultimately market value is determined by a ready, willing, and able buyer. Gather your data, compare the homes, and make your own determination as to what the house is worth to you. If the seller does not accept it and you can't come to an agreement, move on. Either they are not realistic or it's not worth enough to you as compared to another buyer. Regardless, move on.

Keep in mind, just because a house is not listed, it may not be a bargain. Best of luck!

The price of a house sale has nothing to do with whether it is listed or not. The price is dependent upon comparable sales in the neighborhood. If you give me some additional information about the house, I can give you a ballpark idea. That is all that will be. Without seeing the home, I can only give you a range. However, I'm not sure that the prices are falling in Marlboro. In 2007 more houses sold that in 2006. That is not uncommon for Monmouth County.
Give me some details about this property and I'll let you know on average what the prices have been doing.
There are no websites I know of that can provide this information for you. You should hire a good buyers agent to represent you. You can reach me via Trulia or my website. And, if you go to my website and subscribe to the Market Snapshot, you will get a broad overview of the market in Marlboro over the last 6-12 months. It's free and a service I provide.